Best corporate governance practices shared with Moldovan companies

The alignment of Moldovan companies to the European and global standards of corporate governance is an essential condition for the development of a responsible, fair and transparent business environment which is favorable for investment, Speaker Marian Lupu stated in his address to the participants in the international conference “Corporate Governance: Foundation for Sustainable Corporate Development”, organized by the Financial Market Commission and the European Commission's Technical Assistance and Information Exchange Instrument (TAIEX). According to the Speaker, without a proper legislative framework that supports the principles of corporate governance and without practices based on such principles, there cannot be a healthy management and a viable model for economic growth. Aurica Doina, member of the Financial Market Commission's Board noted that a Corporate Governance Code was adopted in 2007 aiming to establish rules governing the relations between company owners and hired managers as well as the many other stakeholders, such as employees, partners, investors, creditors, suppliers, public authorities and civil society. “The document provides for the disclosure of information to the stakeholders so that they can accurately evaluate the company's activity and performances. Corporate governance recognizes the rights of the stakeholders in the way these rights are provided by law. In this sense, an adequate level of corporate governance in a company implies the possibility to prevent corporate conflicts, avoid abuses and reduce corruption”, said Aurica Doina. According to her, so far 23 large companies, including 14 banks, have adhered to the Corporate Governance Code. “We are at the beginning of this path towards corporate governance. This is why the experiences of Poland, Romania, Austria and other countries in this field will be useful for our companies, including for the banks, insuring companies, public-interest companies and those listed at the Stock Exchange”, said Aurica Doina.